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Korea Computerized Accounting Level 2 (전산회계 2급, South Korea)

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Key Facts: Korea Computerized Accounting Level 1 Exam

60 minutes

Total official exam duration (Theory + Practical)

KACPTA Exam Regulations

70 / 100

Minimum composite passing score (Theory 30% + Practical 70%)

KACPTA Exam Regulations

KRW 30,000

Official examination registration fee

KACPTA License Portal

6 Times / Year

Annual nationwide exam administration frequency

KACPTA Annual Schedule

KcLep (케이렙)

Official computerized accounting software used in practical testing

KACPTA Software Suite

100 Questions

OpenExamPrep practice bank size covering theory and calculations

OpenExamPrep Practice Bank

Korea Computerized Accounting Level 1 (전산회계 1급) is a nationally accredited 60-minute computerized examination administered 6 times a year by KACPTA. The test combines a 30% theory component (15 MCQs covering financial accounting, cost accounting, and basic VAT) and a 70% practical component using the KcLep software (journal entries, billings, VAT invoices, settlement adjustments). Passing requires an overall composite score of 70/100. This 100-question practice bank delivers comprehensive coverage of core accounting rules, inventory valuation, depreciation schedules, cost allocations, equivalent units, and VAT taxability.

Sample Korea Computerized Accounting Level 1 Practice Questions

Try these sample questions to review concepts for the Korea Computerized Accounting Level 1 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the General Accepted Accounting Standards for Non-Public Entities in Korea (일반기업회계기준), which of the following financial instruments satisfies the criteria to be classified as a Cash Equivalent (현금성자산)?
A.A 1-year time deposit (정기예금) that has 2 months remaining until maturity as of the balance sheet date
B.A 3-month checking account overdraft facility (당좌차월정한도)
C.A commercial paper (기업어음) with a remaining maturity of 3 months or less at the acquisition date
D.An equity investment in common stock expected to be liquidated within 30 days
Explanation: To qualify as a Cash Equivalent (현금성자산) under Korean accounting standards, an investment must be readily convertible to known amounts of cash with insignificant risk of changes in value and must have a maturity of 3 months (90 days) or less from the acquisition date (취득일로부터 3개월 이내 만기도래). The remaining maturity at the balance sheet date is irrelevant if its maturity from acquisition exceeded 3 months.
2A company holds the following items at the end of the fiscal year: Currency and bank coins KRW 500,000; Bank cashier's check (자기앞수표) KRW 1,200,000; Postage stamps (우표) KRW 50,000; Customer's post-dated check (선일자수표) KRW 800,000; 60-day Repurchase Agreement (RP) acquired 10 days ago KRW 2,000,000. What is the total amount reported as Cash and Cash Equivalents (현금및현금성자산)?
A.KRW 2,500,000
B.KRW 3,700,000
C.KRW 4,500,000
D.KRW 4,550,000
Explanation: Cash and Cash Equivalents include currency (KRW 500,000), cashier's checks (KRW 1,200,000), and the 60-day RP acquired with maturity under 3 months (KRW 2,000,000), yielding KRW 500,000 + KRW 1,200,000 + KRW 2,000,000 = KRW 3,700,000. Postage stamps are prepaid expenses (통신비/선급비용), and post-dated checks are classified as notes receivable (받을어음) or trade receivables.
3At December 31, a company's checking account balance in the general ledger (당좌예금 원장잔액) is KRW 4,800,000, while the bank statement shows a balance of KRW 6,100,000. Investigation reveals: deposit in transit (은행미기입예금) of KRW 900,000; unpresented checks issued by the company (기발행미인출수표) of KRW 2,500,000; and unrecorded bank service charges (은행수수료) of KRW 300,000. What is the correct adjusted cash balance?
A.KRW 4,500,000
B.KRW 4,800,000
C.KRW 5,200,000
D.KRW 6,100,000
Explanation: From the bank balance: KRW 6,100,000 + deposit in transit KRW 900,000 - unpresented checks KRW 2,500,000 = KRW 4,500,000. From the book balance: KRW 4,800,000 - bank service fee KRW 300,000 = KRW 4,500,000. Both reconcile to an adjusted balance of KRW 4,500,000.
4A company uses an imprest petty cash system (소액현금 정액자금전도제). The petty cashier spent KRW 70,000 on office snacks (복리후생비) and KRW 30,000 on taxi fares (여비교통비). Upon receiving receipts, a checking account check is issued to replenish the fund. What is the correct general journal entry?
A.(Dr) 잡비 100,000 / (Cr) 현금 100,000
B.(Dr) 소액현금 100,000 / (Cr) 당좌예금 100,000
C.(Dr) 복리후생비 70,000, 여비교통비 30,000 / (Cr) 소액현금 100,000
D.(Dr) 복리후생비 70,000, 여비교통비 30,000 / (Cr) 당좌예금 100,000
Explanation: Under the imprest petty cash replenishment entry, the expenses incurred are recognized on the debit side ((Dr) 복리후생비 KRW 70,000, 여비교통비 KRW 30,000) and the payment source replenishing the fund is credited ((Cr) 당좌예금 KRW 100,000). The petty cash account itself is not modified unless the established fund limit is permanently increased or decreased.
5During the year, Daehan Corp. reported gross sales of KRW 20,000,000. Customer returns (매출환입) totaled KRW 1,000,000, sales allowances (매출에누리) granted for damaged goods totaled KRW 500,000, and early payment sales discounts (매출할인) totaled KRW 300,000. Freight charges paid on delivery to customers under FOB destination terms were KRW 400,000. What is Daehan Corp.'s net sales revenue (순매출액)?
A.KRW 17,800,000
B.KRW 18,200,000
C.KRW 18,500,000
D.KRW 19,200,000
Explanation: Net sales (순매출액) = Gross sales - (Sales returns + Sales allowances + Sales discounts) = KRW 20,000,000 - (KRW 1,000,000 + KRW 500,000 + KRW 300,000) = KRW 18,200,000. Outbound delivery freight on sales is treated as an operating selling expense (판매비와관리비 - 운반비) and is NOT deducted from gross sales.
6When a company discounts a trade promissory note receivable (받을어음) at a commercial bank before maturity, how should the discount be accounted for if the transaction transfers substantially all risks and rewards and meets the criteria for derecognition as a sale (매각거래)?
A.Derecognize notes receivable and recognize the discount fee as Loss on Disposal of Trade Receivables (매출채권처분손실)
B.Derecognize notes receivable and recognize the discount fee as Other Bad Debt Expense (기타의대손상각비)
C.Maintain the notes receivable account and credit Allowance for Bad Debts (대손충당금)
D.Maintain the notes receivable account and recognize Short-Term Borrowings (단기차입금) with Interest Expense (이자비용)
Explanation: Under Korean General Accepted Accounting Standards, if a note discount satisfies the requirements for a sale transaction (매각거래), the note receivable is derecognized from the balance sheet, and the bank discount fee is classified as a Loss on Disposal of Trade Receivables (매출채권처분손실, an operating or non-operating expense depending on standard application, typically 영업외비용 in KcLep). If it were treated as a borrowing transaction (차입거래), it would be recorded as Short-Term Borrowing with Interest Expense.
7A business holds a 90-day trade note receivable with a face value of KRW 12,000,000 received from a customer. After holding the note for 30 days, the business discounts the note at a bank. The bank applies an annual discount rate of 10% (assume a 360-day year). If the transaction is treated as a sale (매각거래), what is the Loss on Disposal of Trade Receivables (매출채권처분손실)?
A.KRW 400,000
B.KRW 300,000
C.KRW 200,000
D.KRW 100,000
Explanation: The note's total term is 90 days and it was held for 30 days, meaning the remaining discount period until maturity is 60 days (90 - 30). The bank discount fee is calculated as: Face Value × Annual Discount Rate × (Remaining Days / 360) = KRW 12,000,000 × 10% × (60 / 360) = KRW 12,000,000 × 0.10 × (1/6) = KRW 200,000. Under sale treatment, this is recorded as 매출채권처분손실.
8Which accounting principle justifies establishing an Allowance for Bad Debts (대손충당금) at year-end on accounts receivable that are not yet legally in default?
A.Historical cost principle (역사적 원가주의)
B.Matching principle of revenues and expenses (수익·비용 대응의 원칙)
C.Monetary unit assumption (화폐단위 측정의 공준)
D.Realization principle (실현주의)
Explanation: The matching principle requires that bad debt expenses arising from credit sales recognized in the current period be estimated and matched against current period sales revenues, rather than recognized in future periods when the customer actually defaults.
9At the end of the fiscal year, Hanguk Corp. has an accounts receivable balance of KRW 50,000,000 and estimates that 2% will be uncollectible. Prior to adjustment, the Allowance for Bad Debts (대손충당금) has a credit balance of KRW 350,000. What is the adjusting journal entry under the replenishment method (보충법)?
A.(Dr) 대손상각비 1,000,000 / (Cr) 대손충당금 1,000,000
B.(Dr) 대손상각비 350,000 / (Cr) 대손충당금 350,000
C.(Dr) 대손상각비 650,000 / (Cr) 대손충당금 650,000
D.(Dr) 대손충당금환입 650,000 / (Cr) 대손상각비 650,000
Explanation: Required ending allowance = KRW 50,000,000 × 2% = KRW 1,000,000. Since an existing credit balance of KRW 350,000 already exists in the allowance account, the required additional bad debt expense to be recognized under the replenishment method is KRW 1,000,000 - KRW 350,000 = KRW 650,000.
10In March 2026, a company unexpectedly collects KRW 400,000 in cash from a customer whose accounts receivable had been completely written off as uncollectible in the previous fiscal year (2025). What is the correct journal entry to record this recovery?
A.(Dr) 현금 400,000 / (Cr) 대손상각비 400,000
B.(Dr) 현금 400,000 / (Cr) 대손충당금 400,000
C.(Dr) 현금 400,000 / (Cr) 외상매출금 400,000
D.(Dr) 현금 400,000 / (Cr) 잡이익 400,000
Explanation: When an account receivable that was written off in a prior fiscal year is subsequently recovered, the collection is credited directly back to the Allowance for Bad Debts account ((Dr) 현금 400,000 / (Cr) 대손충당금 400,000) under Korean accounting practice. Crediting 대손상각비 is permitted only if the receivable was written off earlier within the same fiscal year.

About the Korea Computerized Accounting Level 1 Exam

The Korea Computerized Accounting Level 1 (전산회계 1급) is South Korea's premier nationally accredited vocational certification (국가공인 민간자격) for corporate accounting staff, financial bookkeeping specialists, and tax compliance assistants. Administered nationwide by the Korean Association of Certified Public Tax Accountants (KACPTA / 한국세무사회), the exam evaluates comprehensive proficiency in corporate financial accounting under General Accepted Accounting Standards for Non-Public Entities (일반기업회계기준), basic manufacturing cost accounting (원가회계), and core Value-Added Tax (부가가치세법) regulations, paired with practical enterprise bookkeeping execution using the standard KcLep (케이렙) software. This 100-question practice bank provides an independent English-language study adaptation by OpenExamPrep, featuring worked numerical calculations, double-entry bookkeeping journal entries, and authentic Korean statutory terminology.

Exam sponsor: Korean Association of Certified Public Tax Accountants (한국세무사회 / KACPTA). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

15 questions

Time Limit

60 minutes

Passing Score

70/100 composite (Theory 30% + Practical 70%)

Exam / Certification Fees

KRW 30,000

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

55%

Financial Accounting (재무회계)

Current assets (cash equivalents, trade receivables, allowance for bad debts / 대손충당금), inventory cost formulas (FIFO, LIFO, weighted average, moving average), inventory valuation losses (평가손실) and shortage losses (감모손실), property, plant, and equipment (acquisition cost, capital vs revenue expenditures / 자본적·수익적 지출, depreciation, disposal), intangible assets, current liabilities, bonds payable effective interest amortization (유효이자율법), equity transactions (capital stock, capital surplus, retained earnings), and revenue/expense recognition.

25%

Cost Accounting (원가회계)

Cost concepts and behavior (direct vs indirect, variable vs fixed, period vs product costs), manufacturing statement flow (원재료, 재공품, 당기순제조원가, 당기제품제조원가), support department cost allocation (direct, step-down, and reciprocal allocation), manufacturing overhead predetermined application rates and variance adjustments, job-order costing, and process costing equivalent unit calculations under FIFO and weighted average.

20%

Value-Added Tax Basics (부가가치세 기초)

VAT fundamentals under Korean tax law: taxable transaction scope (goods and services), deemed supplies (간주공급: self-supply, personal use, business gift, remaining goods upon closure), tax invoice issuance and transmission rules (전자세금계산서 발급 및 전송기한), zero-rating vs exemption (영세율과 면세), input tax deduction eligibility, non-deductible items (매입세액 불공제), and filing/payment calendar.

Preparing for the Korea Computerized Accounting Level 1 Exam

What You Need to Know

  • Passing score: 70/100 composite (Theory 30% + Practical 70%)
  • Exam length: 15 questions
  • Time limit: 60 minutes
  • Exam / certification fees: KRW 30,000 Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
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Korea Computerized Accounting Level 1: Suggested Study Strategy

1Financial Accounting (재무회계): Master allowance for bad debts (대손충당금) calculations under the balance sheet approach, and know how to differentiate normal inventory shrinkage (감모손실 매출원가 가산) from abnormal shrinkage (영업외비용).
2Non-Current Assets: Clearly distinguish capital expenditures (자본적 지출: asset value enhancement or life extension) from revenue expenditures (수익적 지출: ordinary repairs and maintenance), and practice calculating net disposal gain or loss on tangible assets.
3Cost Accounting (원가회계): Memorize the manufacturing statement cost flow: Beginning Work-in-Process + Total Current Manufacturing Costs - Ending Work-in-Process = Cost of Goods Manufactured (당기제품제조원가).
4Overhead Allocation: Practice numerical drills on the step-down method (단계배부법) and reciprocal method (상호배부법), and understand predetermined application rates (예정배부율 × 실제조업도).
5Process Costing (종합원가계산): Drill the difference in equivalent units (완성품환산량) between the Weighted-Average method (all units treated equally) and FIFO (current period work only, excluding beginning WIP).
6VAT Basics (부가가치세): Memorize the non-deductible input tax items (매입세액 불공제): expenses not directly related to business, non-commercial passenger vehicle purchase/rental/maintenance (unless under 1,000cc or commercial), entertainment expenses, and tax exemption related purchases.

Frequently Asked Questions

What is the examination structure of Korea Computerized Accounting Level 1 (전산회계 1급)?

The official exam is a 60-minute computerized test consisting of two parts: Theory (30%, 15 multiple-choice questions) and Practical (70%, hands-on problem solving on KcLep software). To pass, candidates must achieve an overall combined score of at least 70 out of 100 points.

What is the software used in the practical test?

The examination uses the KcLep (케이렙) computerized accounting software developed and distributed free of charge by the Korean Association of Certified Public Tax Accountants (KACPTA). Candidates practice entering general journal entries (일반전표), purchase/sales VAT invoices (매입매출전표), cost settlement entries, and financial statements.

How often is the 전산회계 1급 examination administered?

KACPTA conducts nationwide examinations 6 times a year (typically in February, April, June, August, October, and December) on Saturdays or Sundays at designated computer labs.

What is the difference between 전산회계 1급 and 전산회계 2급?

전산회계 2급 focuses solely on sole proprietorship financial accounting. In contrast, 전산회계 1급 covers corporate accounting (주식회사 회계), manufacturing cost accounting (원가회계), and Value-Added Tax (부가가치세법 기초), making it significantly more valuable for corporate employment.

Is this question bank an official publication of KACPTA?

No. This question bank is an independent English-language MCQ study adaptation developed by OpenExamPrep to assist bilingual professionals, international students, and accounting candidates in mastering Korean computerized accounting concepts and calculations.